by the MicroCapital Team - Africa -

PRESS RELEASE: Standard Chartered Hosts Conference on Microfinance and SMEs in Zambia

Source: Standard Chartered.

Original press release not available online.

DUBAI, August 4 – On the 17th of 18th of June, Standard Chartered Bank hosted a one and half day conference targeted at MFIs and SMEs [microfinance institutions and small and medium enterprises]. Opened by the Minister of Commerce, the Honorable MF Felix Mutati and Dr. Caleb Fundanga, Governor of the Bank of Zambia, the conference focused on the evolving market for microfinance and SMEs in Zambia.

The event focused on several themes, beginning with the need for a more transparent and robust governance structure for MFIs to manage their growth. Speakers from KPMG and the African Development Bank joined the delegates to examine the role of directors and audit committees in creating a strong governance structure. Conference speakers also examined the full range of funding options available to MFIs as they aimed to scale up their growth.

Given its foot print in Asia, Standard Chartered also facilitated a discussion on lessons learnt from the Asian markets, where, MFIs have enjoyed spectacular growth rates and access to commercial funding.

The event brought together sector specialists, MFIs, SMEs, development organizations and the regulator to dimension and debate the key barriers to finance and the possible solutions from banks like Standard Chartered.

“This is the first time Standard Chartered Bank in Zambia has hosted an event of this kind”, added CEO, Mizinga Melu. “Zambia is one of the seven countries in Africa where we are building a microfinance portfolio. Through our pledge at the Clinton Initiative we have committed ourselves to the creation of a USD 500 million facility for MFIs in Asia and Africa and with a global portfolio of USD 180 million, we are well on our way to meeting this commitment.”

The Zambia event in part drew from the learnings of a similar event hosted by Standard Chartered in India last year. This event titled ‘The Role of Corporate Governance in Managing Growth’ brought together lenders, regulators, investors and rating agencies to build a multi-stakeholder view of governance for the sector in India. This was the first time an event of this kind was organized for the sector.

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